At closing bell, the benchmark Shanghai Composite Index dropped 1.47%, or 48.19 points, to 3,224.53. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 2.29%, or 51.51 points, to 2,198.07. The blue-chip CSI300 index declined 1.63%, or 77.58 points, to 4,695.34. The Shanghai Composite Index slid 1.6 per cent from Monday, capping a second weekly setback.
Market participants were unwilling to make huge bets ahead of the election, fearing it could bring massive volatility to global financial markets.
CURRENCY NEWS: The yuan strengthened against the dollar on Friday after China's leaders endorsed a new five-year plan to drive sustained economic growth, which markets believe will require a stronger currency. China is targeting sustained and healthy economic development in the five years to 2025, with an emphasis on a higher quality of growth, the official Xinhua news agency said, citing the ruling Communist Party's Central Committee. China will set detailed economic targets for the 2021-2025 to help promote higher quality growth, following a meeting of top Chinese leaders, the vice head of the country's state planner said. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.7232 per dollar, 28 pips firmer than the previous fix of 6.726.
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